News Brief: IMF Announces Working Group to Review the Fund's Financial Sector Work

IMF News, October 5, 2000

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Canonical URL: News Brief: IMF Announces Working Group to Review the Fund's Financial Sector Work

Announcement date: October 5, 2000.
Announced by: The Managing Director of the International Monetary Fund, Horst Köhler.
Primary objective: To provide the IMF with an independent perspective on how the Fund should organize its financial sector and capital markets work.
Motivation: "The globalization of international finance and the central role of the financial sector in macroeconomic performance" requires the Fund to further develop its expertise in these areas. This objective was emphasized by Mr. Köhler in his address on September 26, 2000, where he referred to the Fund as "a center of competence for the stability of the international financial system."

Chair: John Lipsky (Chief Economist and Director of Research at Chase Securities Inc.).
Members:
- Mohamed El-Erian (Managing Director, Pacific Investment Management Company)
- Peter Fisher (Executive Vice President, Federal Reserve Bank of New York)
- Arminio Fraga (President, Central Bank of Brazil)
- Klaus Regling (Managing Director, Moore Capital Strategy Group)
IMF staff assistance: Daniel Citrin.

The Group will:
- review and make recommendations about the financial sector and capital markets areas in which the Fund should focus its work;
- review the relevance of various new and longstanding initiatives in these areas being undertaken at the Fund;
- review and make recommendations about the organization of the Fund's financial sector and capital markets work;
- assess the human resource implications of its recommendations.

The Group will start its work with a visit to the Fund in the second week of October.
The Group is expected to present its report by the end of the year.

IMF EXTERNAL RELATIONS DEPARTMENT, Public Affairs, Media Relations. October 5, 2000.